ISA switching question

Knyght

I'm probably going to sound a bit... slow here, but I have a question.

I just got an ISA a few months ago, and so far there's some pathetic amount of money in there (something like £30). I want to switch my provider, but have no idea how to go about it. I haven't made any deposits or withdrawals this tax year, so how do I do it? Probably going to switch to the National Counties account.

Thanks.

Kazza242

Knyght wrote:

I'm probably going to sound a bit... slow here, but I have a question.

I just got an ISA a few months ago, and so far there's some pathetic amount of money in there (something like £30). I want to switch my provider, but have no idea how to go about it. I haven't made any deposits or withdrawals this tax year, so how do I do it? Probably going to switch to the National Counties account.

Thanks.

First check that the provider you wish to transfer to accepts mini cash isa transfers - not all of them do. Then contact the provider you wish to transfer to and tell them you would like to transfer your existing ISA to their mini cash ISA. You will need to provide the new provider with your existing ISA account number and sort code (or the Client Reference number if transferring from the M&S mini cash ISA). They could also ask for your National Insurance number so make sure you have those details to hand.

Do not withdraw your existing ISA savings to take to the other provider - otherwise your money will lose it's tax free status. Ask your new provider to carry out the transfer for you.

david78

Kazza's quite right, but if you know you are not going to invest more than £2970 in a cash ISA for this year, you may as well just withdraw and close your old ISA (£30) and open a new one somewhere else.